California Insurance Code

§ 1067.05

INS § 1067.05 Effective Sep 27, 2010Div. 1 · Part 2 · Ch. 1 · Art. 14.7

Statute text

(a)A nonprofit legal entity to be known as the California Life and Health Insurance Guarantee Association shall exist as a result of the merger of the Seastrand Health Insurance Guaranty Association with and into the California Life Insurance Guaranty Association pursuant to Section 1067.055. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under the plan of operation established and approved under Section 1067.09 and shall exercise its powers through a board of directors established under Section 1067.06. For purposes of administration and assessment, the association shall maintain the following two accounts:

(1)The life insurance and annuity account which includes both of the following subaccounts:

(A)The life insurance account.

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Legislative history

Amended by Stats. 2010, Ch. 334, Sec. 5. (SB 1408) Effective September 27, 2010.